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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of CARBO Ceramics jumped as much as 14.6% today, after releasing earnings.

So what: During the fourth quarter, the company's revenues fell from $158.1 million a year ago to $153.6 million; but this came in ahead of estimates, so investors were surprised by the result. Earnings per share of $0.86 was in-line with estimates.

Now what: At this point, investors are just happy that results aren't coming in well below expectations. Natural gas drilling has dropped in the U.S., and the number of oil rigs working has been cut back, as well. Add in some Chinese competition, and the numbers could have been worse, which is why the stock is up today. Shares are still trading at a lofty 17 times trailing earnings, so I'm not a buyer here until we see some consistent improvement in results.

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